Adding additional Risk management and insurance is a simple but necessary addition to any business insurance plan. It’s designed to protect your business financially in the event that a covered risk prevents you from operating effectively for a period of time, causing losses. But why might you need business interruption insurance?

Fire & Natural Disasters

If a fire destroys your building, it can take weeks or months before normal operations can be resumed, and in most cases, income would be lost during that period even though many regular business expenses would continue. The same situation arises when natural disasters strike. Does your current insurance policy cover you for business interruption? And if so, does it cover you if that interruption is due to earthquake or flood or only for other events?
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Credit was once defined as “Man’s Confidence in Man.” But in fact, the definition of credit today is more like “Man’s Confidence in Himself.” Using credit today means you have confidence in your future ability to pay that debt. Forty years ago, your parents may have paid cash for their homes and their cars, a largely unheard-of event today. If they borrowed money at all, chances are it was from a relative or friend, and not a financial institution. (more…)

Wise money management is essential for a balanced, happy life. Financial stress resulting from poor money management skills can affect our capacity to make good decisions, harm our relationships, affect physical and mental health, and ultimately to function well in life. It is no exaggeration to say that poor money management breaks up marriages and breaks down hope. Yet, money management is a skill which can be learned. Even if financial problems are largely the result of just not earning enough income, good money management skills can reduce the stress of these circumstances and provide a bit more mental room to focus on solutions. (more…)